HomeNewsVideos

Three factors cause Pertamina to lose Rp 11 trillion

27 August 2020 08:44

JAKARTA. There are at least three factors that caused Pertamina to record a loss of Rp 11 trillion in the first half of 2020.

Pertamina Finance Director Emma Sri Martini said the three factors were the decline in demand, changes in the US dollar exchange rate and weakening world oil prices. "Demand has a significant impact on our revenue." she said at a hearing with Commission VII of the DPR RI.

Furthermore, Emma explained that the second factor is the US exchange rate, since Pertamina's finances are recorded in the United States dollar (US$). "Composition of foreign exchange losses reaches approximately 30% -40% of our total losses," he added.

Meanwhile, the weakening of world oil prices (from US$ 63 per barrel in December to US$ 19-US $ 20 in the second quarter of 2020) also had an impact on the upstream sector, which contributed greatly to Pertamina's revenue.

"The margin in the upstream sector is the biggest contributor to the company's EBITDA, about 80%," she added. (AM/AR)

 
© 2024 - IDN Financials - All Rights Reserved.